NVI Technical College Information

R ECONCILIATION AND F INAL V ALUE 68

R ECONCILIATION AND F INAL V ALUE

S UMMARY OF V ALUE I NDICATIONS

VALUE INDICATIONS

1) As Is as of November 6, 2023 Sales Comparison Approach Income Capitalization Approach Direct Capitalization

$21,160,000

$75.00

Per Square Foot (GBA)

$21,750,000

$77.09

Per Square Foot (GBA)

Yield Capitalization

Not Developed Sales Comparison

Approach Reliance

Value Conclusion - As Is Insurable Replacement Cost Exposure Time (Months) Marketing Time (Months)

$21,160,000 $17,060,000

$75.00

Per Square Foot (GBA)

12 12

M ARKET V ALUE - V ALUATION R ELIANCE The Cost Approach is not relevant for valuation of the subject property due to its age and the lack of recent land sales within the immediate market. The Sales Comparison Approach is primarily used by owner-users in making purchase decisions. It is the secondary approach used by investors. The subject is an owner-user property and as such, the Sales Comparison Approach was given primary consideration. The Income Capitalization Approach is the valuation method most commonly used by investors in making purchase decisions for properties like the subject and Direct Capitalization is the primary valuation method used by investors in sale transactions of properties. As the subject is owner-occupied, this approach was developed in support for the Sales Comparison Approach. F INAL O PINION ( S ) OF V ALUE Based on the inspection of the property and the investigation and the analysis undertaken, we have developed the following value opinion(s).

MARKET VALUE CONCLUSION(S)

Appraisal Premise Market Value - As Is

Interest Appraised

Date of Value

Value Conclusion

Fee Simple

November 6, 2023

$21,160,000

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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